The Solana Foundation has signed a memorandum of cooperation with South Korean company Wavebridge. The partners will develop a regulated stablecoin pegged to the national currency — the South Korean won (KRW).
The project aims to create infrastructure that will meet the requirements of financial regulators. Special emphasis is placed on integrating stablecoins into the country’s institutional markets.
Banks will get access to the digital won
As part of the agreement, Solana and Wavebridge will create a tokenization engine for issuing and verifying stablecoins, as well as compliance tools. The main goal is to ensure transparency and enable the use of the digital won in the banking system.
The CEO of Wavebridge noted that the initiative is aimed at creating a fully controlled and auditable instrument. This approach will allow financial institutions to safely use stablecoins within the framework of existing regulations.
“Thanks to Solana’s infrastructure, we are building a platform that even regulated institutions can trust,” he said.
Tokenization and cross-border settlements
In addition to issuing stablecoins, Solana and Wavebridge will work on developing solutions for asset tokenization — deposits, transfers, and on-chain settlements. The partners are already planning to cooperate with leading South Korean banks to test cross-border operations using the tokenized won.
Wavebridge will coordinate with regulators and provide the technical part of the project, which will fully comply with the requirements of financial authorities.
Solana Foundation President Lily Liu emphasized that combining Solana’s technological ecosystem and Wavebridge’s regulatory experience will make it possible to create real use cases for stablecoins and tokenized money market funds.
South Korea accelerates adoption of digital currencies
Interest in national stablecoins in South Korea is growing rapidly. Regulators are preparing a legal framework that will allow banks and licensed companies to issue tokens backed by the won.
In September, custodian BDACS launched the first KRW1 stablecoin on the Avalanche blockchain, backed 1:1 by reserves held at Woori Bank.
In addition, the largest stablecoin issuer Tether announced negotiations with local fintech companies, including neobank Toss. This confirms the growing interest in digital stable currencies in the region.
What’s next?
The partnership with Wavebridge gives Solana access to one of the most technologically advanced economies in Asia. The emergence of a regulated stablecoin denominated in won could strengthen the network’s position in the field of tokenization and settlements, where competition is intensifying every month.
This project shows how public blockchains can integrate into the traditional financial system while maintaining transparency and decentralization.
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